Mario Draghi, president of the European Central Bank, addresses the media during a press conference, August 2.(DANIEL ROLAND/AFP/Getty Images)
Mario Draghi, president of the European Central Bank, addresses the media during a press conference, August 2.
(DANIEL ROLAND/AFP/Getty Images)

European Banking Watchdog Could Gain Ability to Shut Down Banks

August 6, 2012  •  From theTrumpet.com
A glimpse at Europe’s plans for a new ‘uber-watchdog’
 

The new European Central Bank (ecb) watchdog could have the power to order banks and lenders to close down, Reuters news agency reported August 1, citing anonymous “officials and policymakers.”

“The right to withdraw the banking license, which is the hour of death for the bank, must be with the supervisor,” it quotes an official as saying. “If the ecb becomes the supervisor, it has to have this.”

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